Pennsylvania § 6021 Limitation of powers

Pennsylvania Statutes

§ 6021 — Limitation of powers

Pennsylvania § 6021

Title 64PUBLIC AUTHORITIES AND QUASI-PUBLIC CORPORATIONS

PartPART III

Ch. 60PENNSYLVANIA CONVENTION CENTER AUTHORITY

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Bluebook

64 Pa. Cons. Stat. § 6021 (2026).

Text

(a)Commonwealth pledge.--The Commonwealth pledges to and agrees with any person, the city, political subdivision or Federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction or improvement of a convention center or parts of a convention center that the Commonwealth will not limit or alter the rights and powers vested in the authority by this chapter or otherwise created by this chapter in any manner inconsistent with the obligations to the bondholders until all bonds, together with the interest on the bonds, are fully paid and discharged. The Commonwealth further pledges to and agrees with any Federal agency that, in the event any Federal agency shall construct or contribute any funds for the construction or improvement of a convention center

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(a) Commonwealth pledge.--The Commonwealth pledges to and agrees with any person, the city, political subdivision or Federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction or improvement of a convention center or parts of a convention center that the Commonwealth will not limit or alter the rights and powers vested in the authority by this chapter or otherwise created by this chapter in any manner inconsistent with the obligations to the bondholders until all bonds, together with the interest on the bonds, are fully paid and discharged. The Commonwealth further pledges to and agrees with any Federal agency that, in the event any Federal agency shall construct or contribute any funds for the construction or improvement of a convention center or parts of a convention center, the Commonwealth will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the due performance of any agreements between the authority and the Federal agency.

(b) Additional Commonwealth pledge.--The Commonwealth pledges to and agrees with any person that, as owner of a convention center, leases or subleases a convention center or parts of a convention center to or from an authority created or continued pursuant to this chapter that the Commonwealth will not limit or alter the rights and powers vested by this chapter in the authority or otherwise created by this chapter in any manner which impairs the obligations of the authority until all obligations of the authority under the lease or sublease are fully met and discharged.